DVC for Canadian's questions

[Marv_barr]

Quick question for anyone that has some knowledge and experience regarding purchasing a resale DVC contact. My wife and I are going to submit a offer in on a OKW contract that is extended. We are curious on how to Will to our kids who are 8 & 6. I know I can't add them to the Deed until they are 18yrs old. Do people add a trust until they turn 18. Not really sure how to handle this being from Canada or if it's a issue at all.

Any advice I receive from people regarding this are trying to talk me out of this. Really has me doubting myself.

TIA

 

[mort1331]

Sorry no help here. We plan on the same thing, but still have 10 years to do. Jump over to the DVC board here they should be able to help. One of the best there is Dean

 

[Marv_barr]

Thanks

 

[deedubb]

Personally, I would leave them off the deed, then add them when they become adults if you like. Remember that this potentially has ramifications (eg. if they marry then get divorced).

 

[AdamsMum]

I've owned since 2007. My kiddos are now adults. I have no intention of adding them to the deed. When they first turned 18, I considered it, but thought it could interfere with things like eligibility for government student loans. I didn't really know if having this asset would interfere, but I just felt it complicated things. It may make it easier for them dealing with your estate later on, I'm not sure about whether they would have to go through probate in Florida. You could get some legal advice on that. If they express an interest in owning I might consider it, but they haven't yet (they are 25 & 30).

 

[bankr63]

I would check out Timeshare User Group for this kind of advice.

In general timeshare owners should NEVER add their children to the deed of a timeshare property. You can will it to them and if the choose to accept it then the transfer would be fairly easy, and they could then use or sell if they then chose to. But they would have the option to refuse the bequest in which case the deed reverts back to Disney. Although Disney Vacation Club does still hold value for resale, there is no guarantee that it will have much value in 20-30 years, and you could end up saddling them with an obligation for maintenance payments that they do not want or need.

 

[Marv_barr]

Great info. Thanks I really appreciate it.

 

[hcortesis]

I don't have any experience with re-sale. But we have paid to add our children to a deed in order that they would have their own Blue Membership card. But since you are buying re-sale, getting a Blue card isn't possible. So you can add them as an associate with member services and they can book as they please. I'm guessing they would have the same rights after you pass on.

 

[kiford]

It may make it easier for them dealing with your estate later on, I'm not sure about whether they would have to go through probate in Florida.

If a Canadian owns real property in the US, especially Florida, the will has to be probated there. This is one reason we are holding off on buying DVC until we have a company set up (we're doing this mainly for other estate planning purposes) and then the company will own it (and we own the company). As the company does not die even if the owner(s) die, its holdings are not subject to probate. I don't think having another person on the deed avoids the requirement to probate in the US; it's something that a lawyer would have to comment on but if that's the case, there is little advantage to having another person on the deed other than making it clear who should inherit it. Probate fees in Florida can be substantial and are on top of probate fees in Canada. I believe that a trust can function in the same way as a company to prevent the need to probate in the US.

 

[Marv_barr]

Thanks great info